Reorganizing Your Business Debts During a Global Crisis

If you are facing astronomical debts with a complete loss of customers during this COVID-19 crisis, you are not alone. Almost every industry in the United States has been negatively affected. While we are all in this together, the truth is that some businesses may not survive financially, and will have to shutter their doors permanently. However, if you take careful steps now, your business may be able to avoid the dangerous financial pitfalls awaiting several business owners, and create a path through which your business will survive to be profitable again.

Reorganize Your Debt

Many business owners fear bankruptcy and are unwilling to consider it as a possibility. But, in the time of a global pandemic, all options should be on the table. A Chapter 11 bankruptcy is also known as a “reorganization” bankruptcy. This type of bankruptcy allows an employer to stay in business as they reorganize their debts. If you are facing substantial debts, your first plan of action should be to visit with an experienced attorney to help you understand how you can possibly deal with your landlord, mortgage company, or other creditors. If you believe you will be unable to pay these creditors due to the COVID-19 virus eliminating your business income and profit, you may want to consider Chapter 11 bankruptcy. Again, visiting with an experienced bankruptcy attorney can help you make the best decision for your unique financial situation.

Filing for Chapter 11

This global pandemic has only existed for a short period of time, and it would benefit you to explore both federal and state loan options that now exist to help keep your business operational during this crisis. However, if you were already struggling financially, the COVID-19 virus and resulting chaos likely has only made your financial and business situation worse. If you are prepared and willing to file for Chapter 11 bankruptcy, we can help. This is a difficult time, and many courts are not even open to taking filings. Which courts are open and which courts take paperwork changes on a day to day basis. But our law firm, and our attorneys, are here to help at all times. We are more than willing to visit with you over the phone or through video conferencing to help you determine how best to file for Chapter 11 bankruptcy. We can help you navigate these bankruptcy waters as this is a very uncertain time in our country for all laws, including bankruptcy law.

Contact Us Today for Help

We want you to understand that we can help you and your business through this crisis. We offer financial planning, budgeting, assistance with the application of either federal or state loans, and guidance regarding business and bankruptcy issues. Contact our compassionate and understanding West Palm Beach bankruptcy attorneys at Kelley Kaplan & Eller today at 561-264-6850 for a consultation, and to help you understand your options to help your business survive during this global pandemic.

Resource:

uscourts.gov/about-federal-courts/court-website-links/court-orders-and-updates-during-covid19-pandemic

https://www.kelleylawoffice.com/restaurant-owners-and-covid-19/